Governance

Governance statement

The QBANK Board is committed to ensuring effective governance practices and strong oversight which reflect accountability, transparency and diligence within an inclusive framework. As a member-owned authorised deposit-taking institution, the Board’s primary objective is to provide strategic direction as well as proper oversight to ensure the interests of members and deposit holders are protected.

The QBANK Board is currently comprised of nine non-executive directors. A majority of directors are elected by QBANK’s members. The Board has the power to appoint up to two directors, as required, to ensure QBANK has the right mix of skills and experience.

The Board operates in accordance with its Charter, Directors’ Code of Conduct and QBANK’s Constitution. These documents outline the key governance principles adopted by the Board, in relation to the Board’s structure, role, responsibilities and powers; delegation powers; directors’ duties, remuneration and interests; meeting procedures; and assessing the Board’s performance.

QBANK has a number of Board committees to assist the Board to oversee and monitor key areas within QBANK’s governance, risk and compliance framework. The Board committees operate under their own charters and are generally comprised of three directors. QBANK’s current Board committees are the Risk & Compliance Committee, Audit Committee, Governance & Remuneration Committee and the Nominations Committee.

QBANK has established a governance, risk and compliance framework comprising of charters, delegations, policies and procedures to ensure that directors, management and staff adhere to relevant regulatory and prudential obligations, meet high standards of corporate governance, and serve and protect members’ interests.